The Tron DAO, which manages the USDD stablecoin reserves, sparked fears among investors on Wednesday by withdrawing 12000 Bitcoin worth of $732 million, without a DAO vote.
Investors expressed concerns about the Tron-based stablecoin USDD on Wednesday after the Tron DAO withdrew 12,000 Bitcoin from its reserves, valued at $732 million, without a DAO vote. This sparked fears of a scenario similar to the events leading to the Terra’s UST collapse.
The Tron DAO, which manages the USDD stablecoin reserves, withdrew the funds without obtaining approval from the DAO, raising questions about the stablecoin's decentralization. This move also brought to mind the events surrounding the Terra's UST stablecoin collapse in 2022.
Launched in 2022, USDD is an over-collateralized stablecoin backed by multiple assets in the Tron reserve and governed by the network’s DAO. However, the absence of DAO involvement in crucial decisions has led users to question the network's decentralized governance.
Justin Sun, the founder of Tron, addressed investors' concerns on X, stating that the Bitcoin withdrawal was prompted by USDD's collateralization rate exceeding the system threshold of 300%, which he described as inefficient. Sun also mentioned that this action was part of a plan to protect the asset from future risks and hinted at upcoming upgrades for the stablecoin.
Regarding the decentralized stablecoin USDD, its mechanism is similar to MakerDAO’s DAI and is not mysterious. When your collateral exceeds the amount specified by the system (usually between 120%-150% depending on the vault), any collateral holder can withdraw any amount freely…
— H.E. Justin Sun 孙宇晨(hiering) (@justinsuntron) August 22, 2024
In other news, SunPump, Tron's meme coin generator, continues to perform well, surpassing its competitor Pump.fun in daily revenue. According to Dune Analytics data, SunPump generated $560K in daily revenue, compared to Pump.fun's $368K. Additionally, SunPump launched 7,352 new meme tokens in the last 24 hours, while Pump.fun launched 5,694.
Over the past 24 hours, Tron's native token, TRX, has experienced a slight increase of nearly 2%.
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